Synds: "Has MannKind (MNKD) found its bottom?"

I don't call stock bottoms. The most positive thing I can say about MannKind is the recent financings give the company enough cash to fund operations through the end of the Afrezza phase III trials expected mid-2013, perhaps longer.

Taking a step back from the fiscal cliff doesn't seem like sufficient reason to own MannKind but you may disagree. Fundamentally, MannKind is still a mess. The balance sheet is a travesty, with close to 380 million fully diluted shares outstanding, $128 million in debt and a $215 million in open convertible notes. The company continues to survive only due to the irrational largesse of founder Al Mann. No partner has stepped forward to legitimize Afrezza, probably because Mann is the only person who believes diabetics need or want an inhaled insulin device.

I understand there may be trading opportunities in MannKind, especially as we get closer to Afrezza's data release in mid-2013, but don't overlook the enormous regulatory, commercial and financial challenges still in the company's path.

http://www.thestreet.com/story/11754560/2/biotech-stock-mailbag-more-amarin-mannkind-orexigen.html